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NEW YORK, July 26, 2021 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Tencent Music Entertainment Group (“Tencent” or the “Company”) (NYSE: TME). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Tencent and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 12, 2021, Reuters reported that China’s State Administration of Market Regulation (“SAMR”), the country’s antitrust regulator, was “set to order the music streaming arm of Tencent Holdings Ltd. to give up exclusive rights to music labels which it has used to compete with smaller rivals”, citing “people with knowledge of the matter.” The article further reported that the SAMR “will also fine [Tencent] 500,000 yuan ($77,150) for lapses in reporting the acquisitions of apps Kuwo and Kugou.”
On this news, Tencent’s American Depositary Receipt (“ADR”) price fell $0.54 per ADR, or 4.19%, to close at $12.34 per ADR on July 12, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980